Question
Book Print erences Problem 2-26 (Algo) Complete the balance sheet using cash flow data LO 2-2, 2-3, 2-5, 2-6 Following is a partially completed
Book Print erences Problem 2-26 (Algo) Complete the balance sheet using cash flow data LO 2-2, 2-3, 2-5, 2-6 Following is a partially completed balance sheet for Epsico Incorporated at December 31, 2022, together with comparative data for the year ended December 31, 2021. From the statement of cash flows for the year ended December 31, 2022, you determine the following (amounts in thousands of dollars): Net income for the year ended December 31, 2022, was $26. Dividends paid during the year ended December 31, 2022, were $8. Cash increased $8 during the year ended December 31, 2022. The cost of new equipment acquired during 2022 was $15; no equipment was disposed of. There were no transactions affecting the land account during 2022, but it is estimated that the fair market value of the land at December 31, 2022, is $42. Required: Complete the balance sheet at December 31, 2022. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Enter your answers in thousands of dollars. Book Print erences Required: Complete the balance sheet at December 31, 2022. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Enter your answers in thousands of dollars. EPSICO INCORPORATED Balance Sheets December 31, 2022 and 2021 (Amounts in thousands) Assets 2022 2021 Liabilities and Stockholders' Equity 2022 2021 Current assets Current liabilities Cash $ 30 Note payable S 49 $ 40 Accounts receivable. 126 120 Accounts payable 123 110 Inventory 241 230 Total current liabilities $ 172 $ 150 Total current assets $ 380 Long-term debt $ 80 Total liabilities $ 230 Land $ 25 Stockholders' Equity Equipment 375 Common stock $ 200 $ 200 Less: Accumulated depreciation (180) (160) Retained earnings 190 Total land and equipment $ 240 Total stockholders' equity $ 390 Total assets $ 620 Total liabilities and stockholders' equity $ 620
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started